#10thgrade - The Teaching Bank

Financial Literacy for Teens: Essential Money Skills Every High School Student Should Learn

by Shelley | Financial Literacy for Teens

Are your high school students prepared to manage money when they leave school?

Many teenagers know how to use a debit card, order something online, or receive a paycheck—but do they understand how checking and savings accounts work, what taxes are taken from a paycheck, how credit cards can lead to debt, or how their credit score can affect their future?

These are essential financial literacy skills for teens, yet they aren’t always taught in a way that allows students to practice applying them to real-life situations.

When my children were teenagers, I made a point of teaching them as much as I could about personal finance and money management before they left high school.

One day, I was helping my daughter complete the paperwork for a new job. As we worked through her W-4, she looked at me and essentially said, Why don’t they teach us this stuff in school?

She had a point.

Students spend years learning academic subjects, but many graduate from high school without knowing how to read a pay stub, understand a W-2, file a tax return, compare bank accounts, or use a credit card responsibly.

That experience made me realize just how important financial education for teenagers really is.

Why Financial Literacy Matters for Teens

Financial literacy isn’t simply about knowing how to save money.

It’s about giving students the knowledge and confidence to make smart financial decisions as they begin adulthood.

A financially literate teenager should understand concepts such as:

Earning and managing income
Checking and savings accounts
Direct deposit
Budgeting and saving
Debit and credit cards
Credit card interest
Credit scores
Taxes and tax forms
Paychecks and pay stubs
W-4 and W-2 forms
Making responsible financial decisions
Understanding the long-term consequences of borrowing money

Teaching these concepts before students graduate allows them to practice financial decision-making before they’re making those decisions on their own.

1. Teach Teens About Savings Accounts

One of the easiest places to begin teaching financial literacy is with a savings account.

Whether students are saving money from an allowance, gifts, a part-time job, or another source of income, they should understand why saving is important and how a savings account works.

Students can learn to compare different accounts and consider factors such as:

Interest rates
Minimum balances
Fees
Accessibility
Account features
How interest can help money grow

These may seem like simple concepts, but learning them early helps students develop good money-management habits.

2. Teach Teens How Checking Accounts Work

Once students get their first job, they’ll likely need a checking account.

Many employers use direct deposit, so understanding how a checking account works is an important part of preparing for employment.

Students should know how to:

Deposit and access money
Use a debit card
Read an account statement
Understand account balances
Recognize banking fees
Use direct deposit
Track spending
Avoid overdrawing an account

A classroom lesson on checking accounts can give students a chance to practice these skills before they’re responsible for managing their own money.

3. Help Students Understand Their First Paycheck

Getting that first paycheck is exciting—until students realize that their gross pay isn’t the amount that actually lands in their bank account!

This is a perfect opportunity to teach students about gross pay, net pay, deductions, Social Security, Medicare, and federal income tax.

Students should also understand the paperwork that comes with starting a new job.

That includes learning about:

W-4 forms
Direct deposit forms
Pay stubs
Gross income
Net income
Tax withholding
W-2 forms

These are real-world financial skills that students will use almost immediately after entering the workforce.

4. Teach Teens About Taxes

Taxes can be confusing for adults—so imagine how overwhelming they can be for a teenager filing a tax return for the first time!

Students should understand that earning money generally means dealing with taxes.

They can learn how to read a W-2 and understand the basic information reported on it. They can also learn how a Form 1040 is used to file a federal income tax return.

Even if a student doesn’t earn enough to owe federal income tax, they may still need to file a return to receive a refund of money that was withheld from their paycheck.

Allowing students to practice completing a tax return in high school can make the process much less intimidating when they eventually have to do it themselves.

calculator and wallet laying on desk captioned with Jobs and Taxes for Teens

5. Explain the Difference Between Debit and Credit Cards

Teenagers are surrounded by opportunities to spend money.

Online shopping, food delivery, subscriptions, entertainment, and social media all make spending incredibly easy.

That’s why students need to understand the difference between debit cards and credit cards.

With a debit card, money generally comes directly from the student’s bank account.

With a credit card, the student is borrowing money and agreeing to repay it.

That distinction is critical.

Students also need to understand what happens when they don’t pay a credit card balance in full.

6. Show Students How Credit Card Debt Can Grow

One of the most valuable financial literacy activities you can do with teenagers is demonstrate how credit card interest works.

A purchase that seems affordable can become much more expensive when interest is added, and the balance isn’t paid off.

Rather than simply telling students that credit card debt is dangerous, let them see the numbers for themselves.

Students can calculate how long it could take to pay off a balance while making minimum payments and how much interest they could ultimately pay.

This turns an abstract financial concept into a real-world lesson students are much more likely to remember.

7. Teach Students About Credit Scores

A credit score may seem like something that only matters when students are older, but the financial choices they make as young adults can have long-term consequences.

Students should understand:

What a credit score is
Why credit scores matter
What can affect a credit score
How responsible credit use can help establish good credit
How missed payments and excessive debt can hurt credit
Why a poor credit score can make borrowing money more expensive

A strong credit history can affect future financial decisions involving things such as cars, housing, loans, and credit cards.

The earlier students understand this connection, the better prepared they are to make responsible choices.

Make Financial Literacy Relevant to Teenagers

The best financial literacy lessons aren’t simply lists of vocabulary words or worksheets defining financial terms.

Students need opportunities to use financial information to solve realistic problems and make decisions.

For example, instead of asking students to define “credit score,” give them a scenario involving two people with different credit scores and ask them to compare the cost of borrowing money.

Instead of simply defining “net pay,” give students a sample paycheck and have them determine how much money they actually take home.

Instead of telling students that taxes are withheld from their paychecks, let them examine a pay stub and identify the deductions.

Looking for Financial Literacy Activities for High School?

If you’re looking for ready-to-use financial literacy activities for teens, I’ve created a collection of resources designed to make these concepts practical and engaging for high school students.

The activities cover essential topics including:

Savings accounts
Checking accounts
Credit and debit cards
Credit scores
Jobs and taxes
W-4 and W-2 forms
Federal Form 1040
Real-world money management

Students aren’t just reading about financial concepts. They research, calculate, problem-solve, and apply what they’re learning.

Several of the units also include interactive escape room activities, giving students a more engaging way to review and apply financial literacy concepts.

Financial literacy becomes much more meaningful when students can see how it applies to their own lives.

Financial Literacy Bundle

If you want to teach multiple financial literacy topics, you can save by getting all five units together in the Financial Literacy Bundle.

The bundle includes financial literacy activities covering checking accounts, savings accounts, credit and debit cards, credit scores, and jobs and taxes.

It’s designed for high school personal finance, financial literacy, economics, consumer math, career readiness, and life skills classes.

[Explore the Financial Literacy Bundle →]

Give Teens the Financial Skills They Need for Adulthood

We can’t assume that students will automatically learn how to manage money once they graduate.

They need opportunities to learn—and practice—these skills while they’re still in school.

Teaching teenagers about saving, banking, credit, taxes, income, and responsible money management can give them a stronger foundation as they enter college, the workforce, and adulthood.

Because knowing how to manage money isn’t just a nice skill to have.

It’s a life skill.

You can find these units bundled together for 20% savings!

Are you interested in reading about and sharing ideas with other educators on using children’s literature in your classroom? My goal is to bring together teachers and homeschoolers who teach grades 3-8 and use novels with their students. I’d love for you to join me to learn, share, and grow together!

Click here or the image below to join my Facebook group, Book Talk with The Teaching Bank!

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Using Google Classroom to Survive E-Learning Days

by Shelley | Assessment, English/Language Arts, Financial Literacy for Teens, Google Classroom, Novel Studies, Organization, Social Studies

While having your students physically present offers the best means to gauge their comprehension of a subject and identify the necessity for tailored instruction, circumstances may arise where this isn’t feasible. Increasingly, students equipped with laptops and various devices are transforming traditional “free” snow days into E-Learning days. This shift aims to prevent extending the school year by leveraging technology for remote learning when in-person classes are impractical.

man clearing snow with a snowblower in a blizzard

Periodic closures of schools due to natural disasters have been evident in various regions. For instance, in Nebraska, schools grappled with flooding issues both, in the spring and fall, resulting in chaotic interruptions to regular schedules. Additionally, student absences can range from short-term illnesses to prolonged health issues, leading to extended periods away from the classroom.

Furthermore, homeschooling communities often utilize e-learning within their cooperative groups or classes. The diverse array of reasons preventing direct in-person interaction with students underscores the significance of technology. It enables educators to virtually engage with their students during such challenging times, bridging the physical gap through digital platforms.

After clicking on the provided link, your file will be visible in your Google Drive account under the name “Copy of File Name.” You can conveniently modify this title to your preference by clicking on the name box. Subsequently, you can assign these files to your students through Google Classroom.

How to use Novel Studies in an E-Learning Format?

In utilizing novel studies, your students will require a copy of the novel to accompany either the printable or Google Drive format provided. With the book in hand, they can seamlessly navigate through the study, engaging with comprehension questions, vocabulary activities, and extended writing tasks on Google Slides, mirroring the functionality available in the printable version. Teachers can track their progress through Google Classroom and I recommend conducting check-ins with small groups via platforms like Google Talk (or Google Hangouts/Google Chat) or Zoom. These sessions allow for discussions about the material read, ensuring comprehension and encouraging deeper exploration of the novel. It’s akin to the class discussions held in person, bridging the gap using technology.

All my novel studies feature assessments that can be completed through Google Forms. The multiple-choice assessments for comprehension and vocabulary are self-grading, significantly reducing grading time for teachers. However, the writing assessments, being more open-ended, cannot be self-graded. Typically consisting of one to two questions per assessment, these tasks can be submitted via Google Classroom for review and grading by the teacher.

How to use Social Studies and Financial Literacy Activities in an E-Learning Format?

My social studies and financial literacy resources are structured similarly to the novel studies in Google format, but they don’t require any specific books or textbooks. These materials feature Webquest links that offer learning content and include slideshow presentations in all social studies resources to facilitate students’ understanding and completion of activities.

Just like with the novel studies, Google Slides serve as the platform for both the presentations and activity completion. Additionally, in certain financial literacy activities such as the Escape Room exercises, Google Forms are integrated to delve deeper into the content alongside the use of Google Slides.

How to use ELA and Math Centers in an E-Learning Format?

The interactive ELA and Math Centers are designed to be completed using Google Slides. Students engage with the components to practice various skills, and teachers can oversee their progress through Google Classroom.

What can I do if my student doesn’t have access to equipment or the internet?

Many of us assume ready access to computers, laptops, and internet connectivity at home, yet some students lack this accessibility. In public schools, it’s our responsibility to ensure equity among our students. If your school lacks one-to-one capability or if a student doesn’t have home internet access, all my materials are provided in printable formats within the same product download. These activities are identical, just presented on paper rather than on a computer. You can distribute these packets to students for home use. To stay connected, consider communicating via phone calls, Facetime, or Skype for those with access via a parent’s cell phone. The content remains the same, only the format differs.

Technology offers various avenues to engage with students. While I advocate for a multisensory approach to learning—incorporating reading, writing, manipulation, and discussion—I recognize that there are instances where this isn’t feasible. In such cases, I hope my materials offer diverse options for utilization during e-learning scenarios.

Explore these free samples offered in my store, featuring both printable and Google Drive™ formats. They provide an opportunity for you to familiarize yourself with the functionalities of these resources.

Sample from my Wonder Novel Study

Sample Social Studies Activity

In this post titled “Tips for Using Google Drive in Your Classroom,” you’ll discover helpful suggestions on customizing Google Drive products to suit your specific requirements more effortlessly.